Tokio Marine : Summary report

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2021

November 19, 2021

Company Name: Tokio Marine Holdings, Inc. (the "Company")Stock Exchange Listing: Tokyo

Securities Code Number: 8766

(URL: https://www.tokiomarinehd.com/en/)

Representative: Satoru Komiya, President

Contact: Tetsuya Hirano, Corporate Planning Dept. (Tel: [phone])

Scheduled date to file Quarterly Securities Report: November 19, 2021

Scheduled date to commence dividend payments: December 13, 2021

Supplementary information for quarterly financial statements: Available

Quarterly IR Conference Call: To be held for analysts

(Note) All amounts are rounded down and all percentages are rounded.

1. Consolidated Business Results for the six months ended September 30, 2021 (April 1, 2021 to September 30, 2021)

(1) Consolidated Results of Operations

(Note) Percentages represent changes from the same period in the previous fiscal year.

Ordinary income

Ordinary profit

Net income

attributable to owners of the parent

million yen

%

million yen

%

million yen

%

Six months ended September 30, 2021

2,885,617

5.2

366,844

236.0

269,278

331.6

Six months ended September 30, 2020

2,743,719

0.0

109,167

(26.0)

62,393

(46.5)

(Note) Comprehensive income:

Six months ended September 30, 2021

527,528

million yen

308.7

%

Six months ended September 30, 2020

129,067

million yen

(19.3) %

Net income per share - Basic

Net income per share - Diluted

yen

yen

Six months ended September 30, 2021

389.98

389.76

Six months ended September 30, 2020

89.38

89.32

(2) Consolidated Financial Conditions

Total assets

Net assets

Ratio of equity capital to total assets

million yen

million yen

%

As of September 30, 2021

26,827,146

4,136,455

15.2

As of March 31, 2021

25,765,368

3,722,780

14.2

(Reference) Equity capital:

As of September 30, 2021

4,080,716

million yen

As of March 31, 2021

3,664,020

million yen

2. Dividends

Cash dividends per share

First quarter

Second quarter

Third quarter

Year-end

Annual total

yen

yen

yen

yen

yen

Fiscal year 2020

-

135.00

-

100.00

235.00

Fiscal year 2021

-

120.00

Fiscal year 2021 (Forecast)

-

125.00

245.00

(Note) 1.Revision to the latest dividend forecast: Yes

2.Fiscal year 2020

Breakdown for Second quarter

Ordinary dividend

100 yen

One-time dividend for the capital level adjustment(*)

35 yen

Fiscal year 2021

Breakdown for Second quarter Ordinary dividend 120 yen

Fiscal year 2020

Breakdown for Annual total

Ordinary dividend

200 yen

One-time dividend for the capital level adjustment(*)

35 yen

Fiscal year 2021 (Forecast) Breakdown for Annual total

Ordinary dividend

245 yen

(*)The Company resolved the one-time dividends aiming to implement flexible financial policies.

3. Consolidated Business Forecasts for the fiscal year 2021 (April 1, 2021 to March 31, 2022)

(Note) Percentages represent changes from the previous fiscal year.

	Ordinary profit		Net income		Net income per share - Basic
		attributable to owners of the parent
	million yen		%	million yen		%	yen
Fiscal year 2021	480,000		80.0	345,000		113.2	501.55

(Note) Revision to the latest Consolidated Business Forecasts: Yes

* Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2021 (Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and retrospective restatements
3. 1. Changes in accounting policies to reflect amendments of accounting standards: Yes
   2. Changes in accounting policies other than (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None

(Note) Please refer to Appendix p. 7 "1. Consolidated Financial Statements and Major Notes (5) Changes in accounting policies" for details.

(3) Number of shares issued (common stock)
(a) Total number of shares issued including treasury stock	697,500,000 shares
As of September 30, 2021
As of March 31, 2021	697,500,000 shares
(b) Number of treasury stock held	12,248,351 shares
As of September 30, 2021
As of March 31, 2021	4,226,975 shares
(c) Average number of shares outstanding	690,480,886 shares
During the six months ended September 30, 2021
During the six months ended September 30, 2020	698,047,999 shares

*"Summary of Consolidated Business Results" is outside the scope of interim external audit.

*Notes concerning the business forecasts and other items

1. Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.
2. The Company prepared its consolidated interim financial statements for the six months ended September 30, 2021 since it is a "specific business company" defined in Article 17-15, paragraph 2 of the Cabinet Office Ordinance on Disclosure of Company Information.

Tokio Marine Holdings, Inc.

Contents of Appendix

1. Consolidated Financial Statements and Major Notes …………………………………………………………………………...	2
(1) Consolidated Balance Sheet ……………………………………………………………………………………………………	2
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income …………………………………	3
(3) Consolidated Statement of Changes in Shareholders' Equity ………………………………………………………………….	5
(4) Notes regarding going concern assumption …………………………………………………………………………………...	6
(5) Changes in accounting policies ………………………………………………………………………………………………..	7
2. Others …………………………………………………………………………………………………………………………	7
(1) Summary of Consolidated Business Results …………………………………………………………………………………	7
(2) Premiums written and claims paid by lines of business ……………………………………………………………………....	8
(3) Securities ……………………………………………………………………………………………………………………....	9

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Tokio Marine Holdings, Inc.

1. Consolidated Financial Statements and Major Notes

1. Consolidated Balance Sheet

		(Yen in millions)
	As of March 31, 2021	As of September 30, 2021
Assets
Cash and bank deposits	812,011	964,480
Receivables under resale agreements	999	17,999
Monetary receivables bought	1,377,728	1,528,061
Money trusts	2,378	9
Securities	18,741,600	19,144,621
Loans	1,626,615	1,804,146
Tangible fixed assets	334,501	337,488
Intangible fixed assets	1,054,990	1,081,860
Other assets	1,783,213	1,909,786
Net defined benefit assets	3,391	4,359
Deferred tax assets	37,224	43,022
Customers' liabilities under acceptances and guarantees	1,997	1,878
Allowance for doubtful accounts	(11,284)	(10,569)
Total assets	25,765,368	26,827,146
Liabilities
Insurance liabilities	18,020,554	18,649,602
Outstanding claims	3,157,123	3,388,975
Underwriting reserves	14,863,430	15,260,626
Corporate bonds	230,597	219,104
Other liabilities	2,992,122	3,000,329
Payables under securities lending transactions	1,509,051	1,318,944
Other liabilities	1,483,071	1,681,384
Net defined benefit liabilities	254,274	256,489
Provision for employees' bonus	75,210	60,908
Provision for share awards	-	2,959
Reserves under special laws	128,006	133,140
Reserve for price fluctuation	128,006	133,140
Deferred tax liabilities	321,141	352,711
Negative goodwill	18,682	13,567
Acceptances and guarantees	1,997	1,878
Total liabilities	22,042,587	22,690,691
Net assets
Shareholders' equity
Share capital	150,000	150,000
Retained earnings	1,788,764	1,987,913
Treasury stock	(23,211)	(67,253)
Total shareholders' equity	1,915,553	2,070,659
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities	1,908,438	1,982,047
Deferred gains (losses) on hedge transactions	2,787	4,697
Foreign currency translation adjustments	(149,098)	36,009
Remeasurements of defined benefit plans	(13,661)	(12,697)
Total accumulated other comprehensive income	1,748,467	2,010,056
Stock acquisition rights	2,379	33
Non-controlling interests	56,380	55,705
Total net assets	3,722,780	4,136,455
Total liabilities and net assets	25,765,368	26,827,146

2

Tokio Marine Holdings, Inc.

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

(Consolidated Statement of Income)

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2020	September 30, 2021
	(April 1, 2020 to	(April 1, 2021 to
	September 30, 2020)	September 30, 2021)
Ordinary income	2,743,719	2,885,617
Underwriting income	2,345,267	2,457,450
Net premiums written	1,809,579	1,920,332
Deposit premiums from policyholders	43,049	38,031
Investment income on deposit premiums	19,008	16,897
Life insurance premiums	469,462	478,909
Investment income	337,542	360,546
Interest and dividends	242,069	272,534
Gains on money trusts	201	44
Gains on trading securities	-	16,436
Gains on sales of securities	78,736	69,283
Gains on redemption of securities	361	2,311
Investment gains on separate accounts	24,755	10,029
Transfer of investment income on deposit premiums	(19,008)	(16,897)
Other ordinary income	60,908	67,621
Amortization of negative goodwill	5,114	5,114
Ordinary expenses	2,634,552	2,518,773
Underwriting expenses	2,111,330	2,005,258
Net claims paid	898,935	940,677
Loss adjustment expenses	71,969	78,702
Agency commissions and brokerage	343,265	368,549
Maturity refunds to policyholders	69,326	79,198
Dividends to policyholders	3	1
Life insurance claims	195,022	209,863
Provision for outstanding claims	173,079	73,876
Provision for underwriting reserves	357,331	250,181
Investment expenses	69,980	27,863
Losses on trading securities	6,282	-
Losses on sales of securities	14,530	9,793
Impairment losses on securities	15,339	5,652
Losses on redemption of securities	265	175
Losses on derivatives	25,062	8,428
Operating and general administrative expenses	439,825	474,254
Other ordinary expenses	13,416	11,396
Interest expenses	6,822	4,140
Increase in allowance for doubtful accounts	2,752	-
Losses on bad debts	40	74
Equity in losses of affiliates	1,220	2,491
Ordinary profit	109,167	366,844

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